New report published by Grand View Research suggests, Global Temperature Sensors Market size will grow to $6.13 billion by 2020 from $4.54 billion in 2013, the global market will grow at CAGR of 4.4% from 2014 to 2020, Increasing use in consumer electronics for smarter services is expected to augment market growth during the forecast period.

The global temperature sensors market is expected to reach USD 6.13 billion by 2020, according to a new study by Grand View Research, Inc. Increasing global demand for smarter consumer electronics and automobiles is expected to favor market growth over the forecast period. Temperature sensors are increasingly used in smartphones and other consumer electronics to monitor their temperature and enhance performance.

Consumer electronics and environmental applications are expected to grow at a considerable rate over the forecast period. Temperature sensors are increasingly used standalone or integrated with diverse equipment. This technology is spurred by factors such as low cost and power and wireless connectivity. Introduction of new raw materials such as polymers is expected to lower the weight, size and cost of electronic devices.

Sensors are used in wide range of applications such as consumer electronics, automotive, process industries etc. owing to easy equipment integration. Temperature sensors are increasing used in automotive applications such as cylinder head temperatures, coolant, and air intake. Therefore, rise in automobile production is expected to favor market demand. Temperature sensors are also used in HVAC, environmental control, food processing, medical devices and chemical handling applications.

The Asia Pacific temperature sensors market accounted for over 30% of the global demand and is expected to grow at a considerable rate over the next six years. The regional market is expected to be driven by advancements in sensor technology and demand for high-performance sensors that can be fitted into handheld portable devices. China is expected to be the largest contributor to regional market revenue generation over the next six years.

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.